Not Saving Enough: A Financial Regret For Many Americans
Updated on May 10 2019
In 2019, 60 percent of adults 35 and older resolved to save money. However, by March 2019, just three months into the New Year, 43 percent were failing to maintain their money-saving resolutions. Learn more about the importance of saving and why so many approaching retirement wish they had started saving earlier.
Survey Reveals Financial Insecurity in Retirement
According to an online survey from AARP that included 1,500 Americans 35 and older, not saving enough is the most common financial mistake and the biggest source of regret when it comes to personal finances. In fact, nearly one-quarter of adults age 35 and older said their biggest financial mistake was not saving enough, with many 50+ year olds reporting they wish they had started saving more sooner.
Most Americans recognize the need to save money but many face difficulty reaching short-term saving goals and longer term financial goals, like retirement, seem out of reach. As many as 60 percent of Americans made financial savings goals in 2019. Common goals included building up an emergency fund, saving for vacation, paying off debt, and building up a retirement fund. However, by the time of the AARP survey in March, 43 percent of those that made a financial resolution were falling behind.
According to the online survey, women struggled more than men and nearly half of women who made financial savings goals in 2019 were already off track by March compared to 35 percent of men.
The survey also revealed anxiety and deep concern for retirement savings. One in three adults reported having “a lot of regrets” about saving for retirement and one in five regreted how they have managed their debt. Only 33 percent of women, compared to 49 percent of men said they are “extremely” or “very likely” to have enough money to cover their needs throughout retirement. A lack of income and doubts about Social Security were the most common reasons for the insecurity in retirement.
Securing Financial Success in Retirement with Expert Advice
In addition to a lack of income and growing concern about Social Security, many people are living longer, which means it is more crucial than ever before to strategically plan finances to enjoy and take advantage of your golden years. The good news is that it’s not too late to make positive financial changes.
Ask an expert for help conducting a financial planning assessment to get a comprehensive and honest look at what you need to save now to get where you want to go. A trusted fiduciary financial advisor can help hold you accountable to your goals while giving you expert advice on savings, investments, and more. Connect with a fiduciary financial advisor to ensure your savings and investment plan has you covered for the future and is not derailed by unnecessary spending and debt today.
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